New Home Completions Rose by 15.5% to February

Posted on May 19, 2016 in Property

According to recent data published by the Spanish Government’s Ministry of Public Works, a total of 7,326 new homes were completed in Spain in the first two months of this year. This figure represents an increase of 15.5% compared with the number of home completions registered in the same period of last year, which reached a total of 6,342.

Thus, this latest data on the number of homes completed in Spain gives a positive start to 2016, after 2015 closed accumulating eight consecutive years of declines. Since the peak levels of 2007, when some 641,419 new homes were completed during that year, the figure has decreased by 93% compared to the close of 2015, when the total was 45,152.

Of the total number of homes completed up until the end of February, some 7,087 (96.7%) corresponded to private developer projects, representing an increase of 14.8% over a year earlier, and 239 (3.3%) related to public administrations, with a rise of 41.4%.

Among the private developer projects, some 4,421 corresponded to commercial companies, with an annual increase of 31.2%, while 2,504 were for individuals and communities of owners (+17.9%), and 144 were for cooperatives (-67.3%). There were also 18 completion certificates for other types of private developer works.

In contrast, El Mundo reported that the liquidation value of the material execution of the works fell by 7.6% up to the end of February, to a total of 792.5 million euros.

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